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US Steel Prices Steady After Section 232 Investigation Deadline Passes

US Steel Prices Steady After Section 232 Investigation Deadline Passes

Trump said in an early morning tweet.

It wasn't just European Commission President Jean-Claude Juncker who took advantage of today's G20 summit to explain the advantages of free trade agreements to U.S. President Donald Trump - Japanese Prime Minister Shinz┼Ź Abe did the same.

Prime Minister Justin Trudeau's government has been privately assured by the US that Canada won't be affected by any steel measures, according to a Canadian government official, who spoke on condition of anonymity.

This is just the second move in what analysts fear could be a series of retaliatory actions leading to a slowing of worldwide trade, which could have a serious drag on the United States economy. Trump said China is committing "the greatest jobs theft in the world history".

"Should the US introduce tariffs on European steel imports, Europe is ready to react immediately and adequately", European Commission President Jean-Claude Juncker told reporters Friday ahead of the two-day summit of leaders from major industrial and emerging-market nations.

The "hits" include tariffs, duties and quotas on US imports, anti-dumping measures, and tax incentives for exporters that could hurt American companies.

The future Economic Partnership Agreement between the European Union and Japan "will be the model of the economical order of the 21st century", Abe told the other world leaders, according to Maruyama - Trump among them.

The U.S. has often criticized China for illegally subsidizing the steel and aluminum industries and contributing to a global glut of the metals. Trump initially wanted to remove the usual pledge to "fight protectionism" from their joint communique. Otherwise, the risk of "bilateral actions" increases, Merkel said.

According to the U.S. International Trade Administration, Canada supplies 20 percent of America's overall steel imports, followed by Brazil, which supplies 13 percent.

While this has little directly to do with apparel, should that be the move he makes, Europe has already thrown out threats of a trade war. Indeed, analysts have warned that tariffs could drive up steel prices for US manufacturers.

Several of those exporters-Canada, Turkey, and Germany-are members of the North Atlantic Treaty Organization (NATO) and as such the Trump administration may have to show that their strategic partners in the military alliance are somehow threatening US national security interests.

Trade analysts expect G-20 leaders to persuade Trump to eschew national security tariffs on steel and aluminum because of the blow-back effect they could have on the stability of the global trading system. Enacting Section 232 also may violate World Trade Organization rules.


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